A view of the NPPCL at Tzudikong. (Morung File Photo)
Morung Express News
Dimapur | March 13
In a major development with regard to the fate of the Nagaland Pulp & Paper Corporation Limited (NPPCL) or Tuli Paper Mill, reliable sources have informed that a new private company by the name of “3A Capital Services Limited (3ACSL)” has acquired the share of NPPCL through an auction held in November last year.
The new owners of the paper mill according to its official website, is a Mumbai based “Non-Government company” who provide services in “buying shares of all unquoted, unlisted, delisted, suspended, Illiquid companies & all types of Transferable Bonds including Government & PSU Bonds.”
Reportedly the company had made a successful bid through E-auction of Rs 1, 13, 62,231 equity shares of Rs 100 each of the NPPCL, followed by the issue of Letter of Intent (LOI).
Sources mentioned that 3ACSL intends to take over the mill with the Nagaland State Government as the ‘minority shareholder.’
As mentioned in a document shared to this newspaper, “Our primary purpose behind this acquisition is to revive the NPPCL and reignite its business operations,” the new owner stated.
It further went on to highlighted that the company plans to expand the business through the formation of diverse business alliances which will serve “as a catalyst for innovation, synergies and increased market share.”
Sources also revealed that in a recent meeting held in Dimapur between company officials from 3ACSL and the State Government, it had been decided to form a new board of directors constituting three from the company and two from the government.
Meanwhile recent media reports stated that TATA Group had also acquired another paper plant in Jagiroad under Morigaon district Assam to turn it into a semiconductor unit.
The Prime Minister, Narendra Modi had virtually laid the foundation stone for the new semi-conductor facility for a reported cost of Rs 27,000 crore, according to a PTI report.
Tuli Paper Mill located in Tzudikong, Mokokchung has been lying in ruins for several decades now with significant portions of its machineries stolen or looted for scrap. The mill is spread over an area of 700 acres of land which also includes housing quarters and bamboo plantation; and has been leased to the government for a period of 99 years still.
Commercial production of paper had only run for a period of 10 years between-1982 to 1992. Despite several futile attempts to revive the mill, HPCL was finally put to the hammer for liquidation in 2019.
